According to TechFlow, Andrew Kang, co-founder of Mechanism Capital, said that ETH's rebound before the ETF listing has peaked at nearly $3,600. After taking into account delta neutral flow, the actual net inflow of ETFs yesterday was negative. Previously, about $4-5 billion of preemptive funds and leveraged funds faced the risk of rapid withdrawal.
The ETH/BTC ratio could fall to 0.04 or lower. If it falls to that level, Kang believes ETH will no longer be an attractive hedging tool.
